now holds 86% -bid extended to march 18

http://stocknessmonster.com/news-item?S=REM&E=ASX&N=284300

CONSMIN EXTENDS RELIANCE OFFER TO
18 MARCH AS IT REACHES 86%
Consolidated Minerals Limited (ASX: CSM, AIM: CNM, FSE: CMN) (“Consolidated”) today announced that it has extended its takeover offer for Reliance Mining Limited (ASX: REM) (“Reliance”) to 18 March to enable shareholders who have not already done so additional time to accept.

Consolidated has increased its relevant interest in Reliance to 86% following a continued strong flow of acceptances.
The offer is now scheduled to close at 5.00pm (WST) on Friday, 18 March 2005.

Reliance shareholders and convertible note holders who have not yet accepted by 5.00pm today (the
original closing date) but who accept the offer by 18 March, will receive the offer consideration of 30
cents cash plus 0.1 Consolidated share for every Reliance share and 30 cents cash plus 0.1
Consolidated share for every Reliance convertible note they hold.

However, they will not receive Consolidated’s interim 6.00 cent fully franked dividend payment. The record date for this interim dividend is 21 March 2005.

Managing Director Michael Kiernan said the offer had progressed on schedule, with the extension
designed to give Reliance shareholders and convertible note holders additional flexibility to accept.

“We look forward to completing the acquisition of Reliance in the near future and focusing on
consolidating Reliance’s business and operations within our enlarged group,” Kiernan said.

Once it increases its relevant interest in Reliance to in excess of 90% and also owns or has acceptances of 90% by value of all securities, Consolidated plans to exercise its entitlement to proceed to compulsorily acquire the remaining Reliance shares, notes and options on issue.

NICKEL STRATEGY
The acquisition of Reliance underpins Consolidated’s nickel strategy, providing a strong production
base through the 5,000tpa Beta Hunt nickel mine in the Kambalda region together with significant
exploration and development upside alongside its three existing nickel exploration joint ventures.

Kiernan said Consolidated’s focus moving forward would be on bedding down the Reliance acquisition, integrating Reliance’s projects, operations and staff and accelerating the exploration, development and expansion of Reliance’s assets including the advanced East Alpha project – which has the potential to be developed in the short term as an additional 4-5,000tpa nickel operation.

“Our focus will be on adding value to the Reliance business and continuing to advance our other three
nickel exploration joint ventures, not pursuing other acquisitions in the nickel sector,” Kiernan said.
“This is in line with our well-established corporate strategy of achieving growth by remaining focused
on our core businesses and taking time to bed down new acquisitions before pursuing new
opportunities.”

ENDS
Released by: On behalf of:
Jan Hope / Nicholas Read Michael Kiernan, Managing Director
Jan Hope & Partners Consolidated Minerals Limited
Telephone: (+61-8) 9388 1474 Telephone: (+61-8) 9321-3633
www.consminerals.com.au